I was laid off from my job at the end of March…1 of about 90 (automotive manufacturing). I honestly didn't think it would get up to me, I was pretty high on the list and there's only about 150 people that work for our company. They told us on a Wed that Fri would be our last day, so when I got off work Wed I went to a local Credit Union to see about refinancing my house to get a lower intrest rate and lower my house payment, I had HR at work send proof of employment to the bank before I signed my papers that Friday (the loan manager said that was fine, I didn't tell him I was getting laid off). I haven't heard back from him and its been over a month and I've called several times questioning him about it, he keeps saying he'll have to get back with me. Anyway, I'm not holding my breath on him to call me back, are there any programs I can look into? I have already talked with my mortgage company and they said they won't refinance anything if I don't have income. And for the people that are going to say GET A JOB!!!! Well, I would but I'm going back to school M-F from 8-3 so I can better my life doing something I want to do and not something I have to do, I don't want to work in a factory my whole life and now I have actually got the chance to better my life…I'm also a single parent taking care of 2 kids, I'm at school while their at school and we get home at the same time. A part time job would be hard because I don't have anyone to watch them while I work. And as long as I'm in school, they'll pay me unemployment. but with losing my job I lose 0 each week and that makes it harder for me to pay the house payment. Only serious people, please don't be mean, tell me I'm lazy because at least I'm trying to make a better life for me and my kids and I don't want to lose our home and I don't want to put it up for sale, and I've worked so hard to get this house. I've used my savings to make up for what my unemployment doesn't pay and wouldn't even have the money to put down on another place if I did sell it, and if I have to forclose on the house, it'll look bad on my credit that I worked so hard on for the past few years to get good so I could buy this house. I'll only be in school for a year and I'll have my diploma and be able to get a decent paying job, but I need to lower that house payment so we won't be in such a bind until after I graduate and get the job.
To let you know I talked to the guy at the Credit Union today, he said there was a program out there for people that have been laid off that will lower their intrest rate and will be fixed rate until they get back on their feet. He's looking into that for me and thank you to everyone that helped. Hopefully this newly discovered information will help someone else and we'll still get to stay in our home. ***PRAYING***

Technorati Tags: automotive manufacturing, better life, fri, going back to school, holding my breath, intrest rate, loan manager, march 1, mortgage company, part time job, proof of employment, several times, single parent, unemployment, whole life

1. Swine Flu Second Wave: Typically, influenza outbreaks come in waves, getting worse with each one. The very ease with which we seem to have survived the first wave of swine flu may make us vulnerable to a horrific second wave.

2. Commercial Real Estate Collapse: Various commercial real estate deals face trillions in refinancing obligations over the coming years. But the market is practically closed, ensuring massive bankruptcies and restructuring.

Why are lenders so freaked out? Because existing loans are going sour at a pace unlike anything we've seen in history. Because of that, even commercial real estate properties with strong cash flows are finding financing extremely difficult to come by.

3. The Option Adjustable Rate Mortgage Explosion: Anyone referring to the "subprime crisis" has got to get with the program. The subprime wave of defaults is basically over. Now the question is, what about all the other types of mortgages? You know, Option ARM, Alt-As and of course, good old fashioned prime mortgage.

The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic. Let's hope the homeowners can afford their new monthly payments.

4. Global Food Crisis: As we saw last year, the global food supply teeters on the edge of adequacy. Any serious shock–floods in the Midwest, a war in Asia, social unrest in China, political upheaval in Thailand or Egypt–could result in shortages in countries that import large amounts of their food.

5. Israel Bombs Iran: The Obama administration's openness to the Iranian regime may have the perverse effect of emboldening its nuclear ambitions. Very likely, the fears of the nuclear Iran are over-stated. It would probably behave like most members of the global nuke club, cowed by its own destructive power into behaving responsibly.

But Iran isn't the only country to worry about in the region. Israel may not be willing to tolerate a nuclear armed Iran, and may choose to strike out to destroy Iran's nascent nuclear capabilities. This would obvious raise tensions throughout the Middle East. At the very least, oil prices will likely spike and remain elevated following any military action against Iran. This, in turn, will slow the global economy.

6. A Wave of Municipal Defaults: Historically, cities and states don't default on their loans very much. But as Warren Buffett pointed out, historical results don't mean jack because muni insurance wasn't around. Unless it gets a bailout, California may go bankrupt, causing the muni market to seize up, bringing public works and spending to a halt, kneecapping GDP.

At that point, with no ability to borrow, the other states will rush to default themselves, sparing their taxpayers any more pain.

7. Another Bank Run: It seems unlikely, given the government's implicit guarantee of the banking sector, but it's always possible that investors or lenders could lose confidence in one of the banks again, prompting a financing run a la Bear Stearns.

If this happened, we'd be back to square one with all the confidence and bailouts since Lehman's collapse — only, the government would have fewer bullets left in the gun.

8. Runaway Inflation: The Federal Reserve seems confident that it can "land the recovery." Is it right?

There's good reason to be skeptical that the Fed will be able to reduce the monetary base before it floods out into the economy, driving up prices and destroying savings. For one thing, the Fed has never really been very good at doing this. By the time the Fed realizes that inflation is taking off, it may be too late.

9. North Korean Missile Launch: Wee dictator Kim Jong II has lulled the world to sleep, performing missile tests on a seemingly daily basis. What was once a cause for alarm now barely merits a bulletin on CNBC. In fact, the dollar has rallied on the nervousness.

But his neighbors in China, South Korea and Japan are freaked out and an actual war, or genuine provocation, could wreak havoc on far eastern trade. This might cause investors to flee towards the dollar, but it would be terrible for markets and economic activity.

10. Chinese Financial Crisis: Most economic discussion of China these days is about how dependent the US government has become on China buying Treasury bonds. But China has lately learned that its own economy is dangerously leveraged on foreign demand for Chinese manufactured goods. The global downturn has helped expose the fragility of the Chinese economic miracle, and worse might be coming.

A collapse of profits in China could very well spark a banking crisis, much like the collapse of real estate prices did to US financial institutions. Very little attention has been paid to the fragility of the Chinese financial system, which is dominated by large, slow, non-transparent, often corrupt state-run banks and centralized decision making. Slowing exports could be the tide that goes out and reveals whi

Technorati Tags: adjustable rate mortgage, commercial real estate, destructive power, estate deals, first wave, floods in the midwest, food crisis, global food supply, influenza outbreaks, iranian regime, nuclear ambitions, nuke club, obama, perverse effect, political upheaval, prime mortgage, second wave, social unrest, swine flu, trillions

My husband and I have a credit score of 599, both have same score so we are choosing owner financing. We found a cute property for 95,000 but it is a manufactured home. Owner wants to finance but when we speak with him he says that the note is at 12% interest rate. and the note is not transferrable. He wants us to move in feb 1st and give a 10,000 down pmt and 1000.00 for the first payment. He is then going to try and refinance for us and give us a lower monthly pmt. But then not having the note and also saying he can't have our name on the insurance. He has printed some forms from the internet to sign to act as a contract but this feels so uncomfortable but I really love the home. He is willing to sell but with our credit score I don't know who will finance a manufactured home for us. Know anyone who will finance or what should we do cause I really love this home.
Please someone help.

Technorati Tags: credit score, insurance, interest rate, manufactured home, owner financing, pmt

My husband and I bought our first home in May of 2006. We have been trying to refinance but are having problems because 1) we have not paid enough of the balance down yet and 2) it is a manufactured home.
Recently we ran into some personal problems which require some extra cash that we do not have. I called our credit union where we already have a personal loan out and have not been late at all. They told me our best bet would be a second mortgage and we could roll our personal loan into this. My husband thinks this is a terrible idea. I am not the best with finance matters of this sort. My main question is: will having a second mortgage make it harder to refinance, because we really need to do that at some point, we have an ARM and need a fixed rate. Please, any advice appreciated!

Technorati Tags: best bet, extra cash, finance matters, fixed rate, manufactured home, personal loan, personal problems, second mortgage

4 years ago I bought my home. At closing, the company I purchased it from contacted me to tell me not to be suprised as I was going to be asked to sign a 2nd mortgage. I was told "this is not a real 2nd, but only on paper as the mortgage company will not fund without the 2nd". This is due to the home being a manufactured home on an acre of land which finance companies do not feel are solid investments as too many people foreclose on them and thus they can only fund 75% of appraised value.

So, it was done and no, I haven't been aske to pay a dime. Now, I am trying to refinance, and the former company is stating they will not sign off on the 2nd but they will reduce it by ,000.00 which the mortgage company says No way. The mortgage company has had dealings with this company before and states it is a shady company.

Now the mortgage company is taking 7 months to close, my ARM is going up to 0 Sept. 1st and I am working my hind end off to make ends meet.
Should I wait to see what mortgage company will do or seek legal assistance?
Do I have a case? The second has only my signature and the company's name but not the owner of the company who is stating this money is owed after 4 years.

Technorati Tags: 7 months, acre of land, finance companies, hind end, investments, legal assistance, manufactured home, money, mortgage company, signature

We need a mortgage company that can work with 501c3s and older manufactured homes. This is an animal sanctuary on 20 acres in northern Idaho with 3 dwelllings for staff and 4+ for animals. We need to refinance. Does anyone know where we can turn?

Technorati Tags: animal sanctuary, animals, mortgage company, northern idaho

into a condo, It's a manufactured home and I refinanced 3 years ago would it be best to buy a condo or try to refinance My int is 9% I am really confused I am 65 yrs old everyone told me condo fees are horrible and can change anytime I owe a 79,000.00 Mortgage.PLEASE HELP

Technorati Tags: 3 years, manufactured home, mortgage

I'm a little confused interpreting what they are saying. Here's their response:

Yes, you can use your VA benefit to refinance your existing home into (or back into) a VA loan.

"In most cases, the loan may not exceed 90 percent of the reasonable value of the property as determined by an appraisal, plus the funding fee, if required. The maximum VA guaranty is ,000, which covers a loan up to 4,000. For loans amounts above 4,000, most lenders will want additional security, such as equity in the home, along with the VA guaranty. Each lender has their own policies, so you should talk to a VA-approved lender regarding your specific situation. The loan may include funds for any purpose that is acceptable to the lender, plus closing costs, including a reasonable number of discount points. A veteran must have available home loan entitlement. An existing loan on a manufactured home (except as noted below) may not be refinanced with a VA guaranteed loan."
Is the K what they will guarantee above the loan amount or is K what they will guarantee on the loan?

Thanks in advance.

Technorati Tags: additional security, benefit, closing costs, existing home, guaranty, home loan, lenders, loan entitlement, loans, manufactured home, thanks in advance, veteran

My husband and I have credit scores in the 500's. We own a manufactured home that is real property and need a refinance. our mortgage loan is a 2/28 and our payment just went up a 100 dollars a month. Is there any help out there? We have applied but no one seems to be able to help us because of our credit scores being so low.

Technorati Tags: credit scores, manufactured home, mortgage loan

My husband and I have always had perfect credit until a business failure 2 years ago. We had to file for bankruptcy (it was discharged 1 year ago). Does anyone have names of reputable lenders willing to do a small loan — maybe ,500? We have been almost a month behind on our mortgage for a year now and I can't seem to catch up. Also, part of the $$ would be for a down payment on a car. We would try to refinance or get a home equity loan but due to the fact that it is a manufactured home (on 5 acres) lenders seem to turn up their noses on us — especially since our credit ratings have suffered due to the BK, etc. Any suggestions?? Thanks – linbad

Technorati Tags: bankruptcy, bk, business failure, home equity loan, manufactured home, mortgage, noses, reputable lenders

First off, I'm talking about a manufactured home – NOT mobile! Get it straight before you confuse the two. What will my manufactured look like? http://www.idealmfghomes.com/LandPhotos/JOYCE.JPG

I have not bought it yet but am just planning. Now, I own a private (undeveloped lot) that has an ocean view. Thus, it's located in a urban/coastal area (NOT rural) – just in case you guys conjure up images of a trailer park folks living in the rural country side.

The cost of the home and site development will cost me about 0K. However, based on a lending company, they appraised the manufactured on my permanent property to be at least 0K.

The problem is though, 5 years down the road, will this be a good investment? People tell me it will be hard to refinance or sell my home – but I ask why? Isn't it like a single-family home now that it's permanently attached on a concrete foundation?

Or, will I be better off investing 0K in an old stick-built home?

Technorati Tags: coastal area, concrete foundation, images, lending company, manufactured home, ocean view, rural country, single family, trailer park

i'm buying this land and within the next two years i would like to put a manufactured home on it using an fha home loan…can i refinance them into one loan?

Technorati Tags: fha home loan, manufactured home

Of course, our credit isn't the greatest…..is there somewhere that will help where you don't have to pay them back or a reputable place to refinance a manufactured home?

Technorati Tags: manufactured home, reputable place

Years ago my husband and I purchased a manufactured home- at the time I was naive, thinking that at least it would be money we wouldn't be throwing away on rent. Now here we are, 9 years later, paying high interest and only per month comes off the principal! I received information from an insitution which specializes in manufactured homes- I filled out an application, and now I am told that even though 1. Our Credit is Stellar, and 2. Our income is just perfect, they will NOT finance us since our home is worth less than we owe. So now what?!?!?!? Our local banker believes they set our monthly payment to low, and that is why we aren't paying down our principal. Our monthly payment is what we can handle, I can't really afford to pay more each month.We own land that we could move the home on, would that make it more valuable so we could refinance? Any tips from those of you who have similar problems or a background in refinancing? Thank you In advance!
We own a single-wide Wick home, it is a 1999, we ordered it brand new. Hope this may help….

Technorati Tags: brand new hope, high interest, manufactured home, manufactured homes, money, refinancing, wick

Okay…so my husband and I purchased about 13 acres of land that had a mobile hime on it last year. The mobile home is old, and we really want to build; however, we both work full time right now and I am in school full time. We would really prefer to wait until we have better time to plan, so we found a brand new manufactured home that is beautiful and would like to refinance it in to our current loan…basically a trade in (almost like a vehicle). What do we say to the bank when we go in to ask them about doing the trade?

Technorati Tags: better time, full time, hime, manufactured home, mobile home

Just added another manufactured home on permanent foundation,1600 s.f., year 2000, to our 10 acre property. We can split the lot into two 5 acre lots, so each house is on 5 acres. Property values are increasing 10-15%/year in this area, even in this market. We have a 6% mortgage, 2 years old, and a 13% second mortgage for about 000. We have about ,000 in consumer debt, credit score in low 600's. Should we try to use the value in our property to relieve us of the high interest consumer credit? Would we be better off, considering our mediocre creit score?

Technorati Tags: acre property, consumer credit, consumer debt, credit score, creit score, debt credit, high interest, manufactured home, property values, second mortgage, year 2000

My interest rate is 17.5% and my mortgage payment and lot rent is so hard to keep up with. I have never been 30 days late. But I don't want the house anymore and really don't care about my credit either. Does anyone know what will happen if I just stop making the payments and let the house go into foreclosure? If my husband and I both have jobs paying us under the table, will they be able to garnish our wages still? Any advice would help. Like I said i don't want the house, it depreciates it value, and I owe about ,000 more than it is actually worth, so there is no sense in selling it or refinancing because no one will buy something that isn't worh the money they have to pay for it.
Trust me, I know about my credit. I work in the mortgage industry. And I can't help myself get a better loan. I owe ,000 on this house, and after FIVE YEARS, I still owe ,000. It is only worthg maybe ,000. How can I sell this house? There are 30 or so homes in the community that are for sale. They are bigger, look better, and are selling for a lot less. Like I said, I have never been 30 days late thinking I can save my credit, but I give up and will seek help from family members with getting into another house. I know about still having to owe the difference, but if I have no money they can't take it from me right?

Technorati Tags: family members, foreclosure, interest rate, jobs, money, mortgage industry, mortgage payment, wages

I'm trying to refinance a client with a manufactured home. Loan had been approved with Wells, but they stopped all loans on manufactured in December. I already checked with Chase, Suntrust, First Horizon. None of them do manufactureds either.

Technorati Tags: chase, first horizon, loans, manufactured home loan, suntrust

refinance my land loan to add my manufactured home loan in one, can it be unfixed to two separate loans, once it has already been done together?

Technorati Tags: home loan, land loan, loans

I'm trying to refinance a manufacture home in california, and have not had much luck, any idea who can do this for me.